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Introduction East Asias rapid economic growth and the crisis of 1997 have caught the worlds attention This rapid growth created big question in the minds of the other countries Japan wanted to understand how the other Asian countries are able to sustain such a low rate of inflation and still sustain such high savings and productivity so Japan went to the world bank as to hire them to find this out for them The World Bank called this growth of the Asian economies as the Asian miracle The phenomenal economic growth of East Asia where most economies have followed in the footsteps of Japan over the last decade or two is well known Less well known is that such development has been achieved with equity distribution in the wealth focus on exports and improve the human resources and to have a consensus between politics and business so as to increase the productivity in the economy httpweb5infotrac-collegecomwadsworthsession8551333599585612xrn360A16886625 Outsiders have pondered the success of East and South - East Asia what some call a miracle with wonder and admiration Never before have countries expanded so fast for so long From 1965 to 1990 the regions 23 economies grew faster than those of all other regions and income inequality declined sometimes dramatically Most of this achievement can be attributed to the growth performance of eight economies Japan the four tigers they are Hong Kong Korea Singapore and Taiwan and the three newly industrializing economies of Southeast Asia Indonesia Malaysia and Thailand Moreover these eight economies share other characteristics that set them apart from other developing economies As the Asian miracle has turned to meltdown the critical question has become whether growth will resume Based on research considers the forces behind the East Asian growth miracle the process of growth the effect of saving and the effect of foreign direct investment and multinationals That rapid growth may resume in East Asia once the crisis has been resolved httpinfogreenwoodcombooks02759640275964116html
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